Westpac savings accounts

3.7
Based on 5,038 Westpac savings account product reviews.
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Last updated

Westpac is one of Australia's "Big Four" banks and has served customers since 1817, making it Australia's first bank and oldest company. With a comprehensive range of financial services, Westpac caters to individuals, businesses, and institutional customers across Australia, New Zealand, and the Pacific region.

For individual savers, Westpac offers various savings account options, including their flagship "Westpac Life" savings account. This account is designed to help customers reach their savings goals faster by providing bonus interest opportunities.

Last updated 4 April 2025 Important disclosures
  • Life - 18-29 years old

    Maximum rate
    5.00 % p.a.
    (for $0 to $30,000)
    Make 5 eligible card purchases per month with a linked Westpac Choice account, make one eligible deposit and grow the balance each month. Account balance must not fall below $0.
    Standard rate
    1.60 % p.a.
    (for $0 and over)
    No Partner link
  • Bump Savings

    • under 18
    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Make a deposit and grow account balance
    Standard rate
    1.75 % p.a.
    (for $0 and over)
    No Partner link
  • Bump Savings

    • under 12
    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Make a deposit and grow account balance
    Standard rate
    1.75 % p.a.
    (for $0 and over)
    No Partner link
  • Life

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Minimum one deposit and higher balance than at the beginning of the month
    Standard rate
    1.60 % p.a.
    (for $0 and over)
    No Partner link
  • eSaver

    Maximum rate
    4.75 % p.a.
    (for $0 and over)
    Bonus rate for the first 5 months from account opening, includes 0.10% p.a. bonus interest for new accounts opened online.
    Standard rate
    1.00 % p.a.
    (for $0 and over)
    No Partner link

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Westpac savings account ratings

Overall customer rating for Westpac savings accounts

3.7
Based on 5,038 product reviews.

Customer reviews

Important disclosures

Westpac products

FAQs

Is Westpac safe?

As one of Australia's largest and oldest banks, Westpac is considered a safe and stable financial institution. It is an Authorised Deposit-taking Institution (ADI) regulated by the Australian Prudential Regulation Authority (APRA). Deposits up to $250,000 are protected under the Australian Government's Financial Claims Scheme, providing a high level of security for your savings.

What is the minimum deposit required to open a Westpac Life savings account?

There is typically no minimum deposit required to open a Westpac Life savings account. However, to earn bonus interest, you'll need to grow your account balance each month.

Are there any fees associated with the Westpac Life savings account?

The Westpac Life savings account itself has no monthly account-keeping fees. However, the linked Westpac Choice everyday account may incur a $5 monthly fee unless certain criteria are met, such as being under 30, a full-time tertiary student, or depositing at least $2,000 per month.

How do I earn the maximum interest rate on my Westpac Life savings account?

To earn the maximum interest rate of 5.20% p.a. on balances up to $30,000, you need to:

  1. Increase your Westpac Life account balance each month to earn 3.15% p.a. bonus interest on top of the 1.85% p.a. base rate.
  2. Make at least 5 eligible purchases that settle during the month with your Westpac Choice account's debit card to earn the additional 0.20% p.a. Spend&Save bonus interest.

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